Inevitably, as with any business, there will be some Cashfloat complaints.
Although the majority of Cashfloat customers are happy with their experience, some feel they would like to make a complaint. Some are unhappy and the lender may genuinely be to blame. Other times, customers are struggling with their own financial difficulties.
Loan providers, such as Cashfloat, are involved with many different customers on a daily basis. This means the occasional mistake is sometimes made.
If customers do not feel their experience with Cashfloat has been a positive one, they may want to make a formal complaint.
As a responsible lender, Cashfloat must address any complaints that it receives.
How Cashfloat complaints are made
If you feel you have had a negative experience with any element of Cashfloat’s processes, you should first address your complaint directly to Cashfloat.
Cashfloat’s Complaints Procedure tells you how to do this.
Cashfloat invites customers to submit any complaints in a way that is convenient to you, whether this is by SMS, telephone, in writing or via email.
Should you wish to submit a complaint, Cashfloat’s details are as follows:
By phone: 0203 757 1933
By letter: 2a Highfield Avenue, London, NW11 9ET
and by email: firstname.lastname@example.org
If you choose to write to Cashfloat, you will need to include the following information in your correspondence:
• Your full name and address
• Your Cashfloat reference number
• A daytime telephone number
• How you would prefer to be responded to (e.g. by email or telephone)
If your complaint is about a short-term loan you have taken out, Cashfloat will do their best to resolve your complaint by the end of the next working day. That is, after receiving your complaint.
If they are unable to resolve your complaint by the next working day, they will send you an acknowledgement of your complaint. As well as, letting you know who is dealing with it, within 5 working days.
Cashfloat will then issue a final response letter within 8 weeks of receiving your complaint.
If you are not satisfied with Cashfloat’s response after the 8 week period, you can complain to the Financial Ombudsman.
You are also able to contact Cashfloat’s trade association, the CCTA, who run a conciliation service. You can do this before you refer your complaint to the Financial Ombudsman Service if you wish.
Complaining to the Financial Ombudsman
If you have not received a response to your complaint within the 8-week timeframe, or if you are unhappy with the response, the Financial Ombudsman can help.
You are able to send your complaint to the Financial Ombudsman for an impartial and independent investigation.
Types of complaints about Cashfloat
Negative loan reviews can help you to get an idea of any issues faced by previous Cashfloat customers. Some people will write about their experience, so you can find out why they have had Cashfloat complaints.
Cashfloat loan reviews on reviews.co.uk include complaints that:
• Customers reapplied for another loan, after repaying previous loans back and were refused
• A problem regarding a confirmation text delaying an application for a loan
• A couple of negative reviewers had issues that Cashfloat had called them at work or at home.
The majority of these complaints did not appear to be too serious and had the potential to be easily resolved.
Complaints regarding refusal on further loan applications show Cashfloat is a responsible lender. One which carries out credit and affordability checks for all loan applications – for both new and existing customers. If a customer cannot comfortably afford to pay back a loan, their application will not be approved.
Sometimes, if Cashfloat cannot get hold of customers on their mobile phone, it may result in a customer getting a call at home or at work.
The following are genuine 1 and 2-star reviews written by Cashfloat customers
“After successful repayment of 2 loans, I applied for a further one. After going through the online application process successfully, I received an email saying that they (Cashfloat) felt their loan was not suitable for my current needs. I struggle to understand what qualifies a lender to make a statement like that and what it is based on. They continue to send me regular emails telling me what a great company they are!”
“To be honest: you called my work, my boss answered and knew that it was financially related. So you really put my job at risk, thus my livelihood and potentially the ability to pay the loan back. A really nasty tactic which is better suited to the stone-age, so if you REALLY want to help people who are in difficulty, don’t bully them and try to embarrass them…”
“Usually a very good service but on this occasion I tried applying on the Friday and the website wouldn’t send a confirmation text to my phone so I couldn’t complete the application. Then the money comes through late on Sunday afternoon instead of the 1 hour it would have normally taken on a Friday. Very frustrating and I needed it on the Friday”
Cashfloat refunds and compensation
Any customers who have serious complaints about Cashfloat are able to contact the Financial Ombudsman.
If the Financial Ombudsman rules in the customer’s favour regarding their complaint, the customer may be entitled to a refund. Either a full or partial one.
In the past, the Financial Conduct Authority, after investigations, has required some lenders to pay compensation on a large scale, to customers who had been treated unfairly. Cashfloat was not one of the lenders who was required to provide redress.
In the early stages, Cashfloat may decide to provide an individual customer, who has submitted a complaint, financial compensation. Particularly if they feel that you have a valid complaint.
The vast majority of reviews regarding Cashfloat are very positive. On reviews.co.uk, Cashfloat has a score of 4.79 out of 5, as of February 2017. Most customers are happy with their short term loans but this is not necessarily the case for every single customer.
All lenders must be authorised by the FCA. If many complaints about Cashfloat are upheld by the Financial Ombudsman, the FCA could become involved and Cashfloat’s authorisation can be withdrawn.